"others where a ""big part of their exposure will be to heavy crude.” The price of Western Canadian Select (WCS) crude oil (petroleum) per barrel suffers a differential against West Texas Intermediate (WTI) as traded on the New York Mercantile Exchange (NYMEX) as published by Bloomberg Media, which itself has a discount versus London-traded Brent oil. This is based on data on prices and differentials from Canadian Natural Resources Limited (TSX:CNQ)(NYSE:CNQ). ""West Texas Intermediate Crude oil (WTI) is a benchmark crude oil for the North American market, and Edmonton Par and Western Canadian Select (WCS) are benchmarks crude oils for"
"of crude oil. Using benchmarks makes referencing types of oil easier for sellers and buyers. There is always a spread between WTI, Brent and other blends due to the relative volatility (high API gravity is more valuable), sweetness/sourness (low sulfur is more valuable) and transportation cost. This is the price that controls world oil market price. West Texas Intermediate is used primarily in the U.S. It is light (API gravity) and sweet (low-sulfur) thus making it ideal for producing products like low-sulfur gasoline and low-sulfur diesel. Brent is not as light or as sweet as WTI but it is still"
"York Mercantile Exchange (NYMEX) for delivery at Cushing, Oklahoma, or of Brent as traded on the Intercontinental Exchange (ICE, into which the International Petroleum Exchange has been incorporated) for delivery at Sullom Voe. West Texas Intermediate (WTI), also known as Texas Light Sweet, is a type of crude oil used as a benchmark in oil pricing and the underlying commodity of New York Mercantile Exchange's oil futures contracts. WTI is a light crude oil, lighter than Brent Crude oil. It contains about 0.24% sulfur, rating it a sweet crude, sweeter than Brent. Its properties and production site make it ideal"
"may include interest rates, environmental instruments, swaps, or freight contracts. Source: International Trade Centre Energy commodities include crude oil particularly West Texas Intermediate (WTI) crude oil and Brent crude oil, natural gas, heating oil, ethanol and purified terephthalic acid. Hedging is a common practice for these commodities. For many years, West Texas Intermediate (WTI) crude oil, a light, sweet crude oil, was the world’s most-traded commodity. WTI is a grade used as a benchmark in oil pricing. It is the underlying commodity of Chicago Mercantile Exchange's oil futures contracts. WTI is often referenced in news reports on oil prices, alongside"
"the Canadian market. Both Edmonton Par and WTI are high-quality low sulphur crude oils with API gravity levels of around 40°. In contrast, WCS is a heavy crude oil with an API gravity level of 20.5°."" West Texas Intermediate WTI is a sweet, light crude oil, with an API gravity of around 39.6 and specific gravity of about 0.827, which is lighter than Brent crude. It contains about 0.24% sulfur thus is rated as a sweet crude oil (having less than 0.5% sulfur), sweeter than Brent which has 0.37% sulfur. WTI is refined mostly in the Midwest and Gulf Coast"
"U.S. crude inventories up and Cushing supplies falling more slowly, West Texas Intermediate finished at $45.23, with Brent crude falling to $47.97. After an International Energy Agency prediction of high supplies for the next year, U.S. crude fell the most in a week in more than two months, ending October 15 below $47, and Brent crude had its biggest loss for a week in nearly two months, just under $50 on October 16. With Middle Eastern countries producing more oil than needed and Iran expected to add even more as a result of the nuclear deal, as well as slow"
"Brent Crude Brent Crude is a trading classification of sweet light crude oil that serves as a benchmark price for purchases of oil worldwide. This grade is described as light because of its relatively low density, and sweet because of its low sulphur content. Brent Crude is extracted from the North Sea and comprises Brent Blend, Forties Blend, Oseberg and Ekofisk crudes (also known as the BFOE Quotation). The Brent Crude oil marker is also known as Brent Blend, London Brent and Brent petroleum. Brent is the leading global price benchmark for Atlantic basin crude oils. It is used to"
"Canada at than the US at , resulting in slightly different density values. A wide variety of benchmark crude oils worldwide are considered to be light. The most prominent in North America is West Texas Intermediate which has an API gravity of 39.6° API (827 kg/m). It is often referred to by publications when quoting oil prices. The most commonly referenced benchmark oil from Europe is Brent Crude, which is 38.06° API (835 kg/m). The third most commonly quoted benchmark is Dubai Crude, which is 31° API (871 kg/m). This is considered light by Arabian standards but would not be"
"of 2014, as the demand for global oil consumption continued to decline, the remarkably rapid oil output growth in ‘light, tight’ oil production in the North Dakota Bakken, the Permian and Eagle Ford Basins in Texas, while rejuvenating economic growth in ""U.S. refining, petrochemical and associated transportation industries, rail & pipelines, destabilized international oil markets."" On January 16, Brent crude rose as high as $50.16 before falling back, and the International Energy Agency said production was down due to lower prices and higher prices were likely late in 2015. West Texas Intermediate, down 10 percent for the month, closed at"
"week, Brent crude had climbed 7 percent to $108.51. Because too much oil was being produced for the infrastructure to handle it, West Texas Intermediate was lower than Brent crude for several years; it has returned to being consistent with Brent. On July 5 it reached $103.22. On July 19 with good economic news in the United States, Benchmark crude reached $108.05, while gas was $3.67, the highest on a Friday since March 22. Brent crude was at $108.07. Gas was $3.63 on August 1, though good economic news in the U.S., China and Europe meant oil was going up"
"are: There are declining amounts of these benchmark oils being produced each year, so other oils are more commonly what is actually delivered. While the reference price may be for West Texas Intermediate delivered at Cushing, the actual oil being traded may be a discounted Canadian heavy oil—Western Canadian Select— delivered at Hardisty, Alberta, and for a Brent Blend delivered at Shetland, it may be a discounted Russian Export Blend delivered at the port of Primorsk. The petroleum industry is involved in the global processes of exploration, extraction, refining, transporting (often with oil tankers and pipelines), and marketing petroleum products."
"Brent Future based on ICE Futures Brent index at expiry. The index represents the average price of trading in the 25-day Brent Blend, Forties, Oseberg, Ekofisk (BFOE) market in the relevant delivery month as reported and confirmed by the industry media. Only published cargo size () trades and assessments are taken into consideration. The index is calculated as an average of the following elements: Brent Crude Brent Crude is a trading classification of sweet light crude oil that serves as a benchmark price for purchases of oil worldwide. This grade is described as light because of its relatively low density,"
"biggest gains since April. Oil ended September higher for the second month. With the dollar strong after improvement in the U.S. economy, and stock markets weak, West Texas Intermediate fell October 3 after reaching $48.87, the highest point since July 5. Brent crude fell after hitting $50.90, its highest in six weeks. On October 10, with Russia planning to join OPEC and Algeria saying others should, Brent crude reached its highest point in a year at $53.73, while WTI hit $51.60, the highest since June 9. A week later, with supplies high and added U.S. production capacity, WTI fell just"
"priced above US$107/bbl and Brent above US$115/bbl. WCS, a bitumen-derived crude, is a heavy crude that is similar to Californian heavy crudes, Mexico's Maya crude or Venezuelan heavy crude oils. On 15 March 2015 the differential between WTI and WCS was US$13.8. Western Canadian Select was among the cheapest crude oils in the world with a price of US$29.54/bbl on 15 March 2015, its lowest price since April 2009. By mid-April 2015 WCS had risen almost fifty percent to trade at $US44.94. By 2 June 2015 the differential between WTI and WCS was US$7.8, the lowest it had ever been."
"again after a decline the previous week. Benchmark crude reached $107.89, while Brent crude was $109.54. On August 16 Benchmark oil was $107.46 after six days of increases as Egypt's problems continued. The concern was access to the Suez Canal, which appears unlikely to be a problem but still concerns companies. Brent crude was $110.48 on August 19. On August 28 West Texas intermediate reached $110.10, the highest since May 2011, and Brent crude reached $116.61, its highest point since February 19, due to concern about U.S. involvement in Syria. Meanwhile, inventories in the United States had their biggest increase"
"June 2014 ($110.48), less than one-sixth of its record from July 2008 ($147.27), and back below the April 2003 starting point ($23.27) of its historic run-up. According to the United Nations, growth prospects of the oil exporters are predicted to remain subdued past 2018. Price of oil The price of oil, or the oil price, (generally) refers to the spot price of a barrel of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent ICE, Dubai Crude, OPEC Reference Basket, Tapis Crude, Bonny Light, Urals oil, Isthmus and Western Canadian"
"Canadian dollar price of West Texas Intermediate (WTI) (Oil and Gas Fiscal Regimes 2011:30) to a maximum of 9%). When the price of oil per barrel is less than or equal to $120/ bbl indexed against West Texas Intermediate (WTI) ""payout."" Payout refers ""the first time when the developer has recovered all the allowed costs of the project, including a return allowance on those costs equal to the Government of Canada long-term bond rate [""LTBR""]. In order to encourage growth and prosperity and due to the extremely high cost of exploration, research and development, oil sands and mining operations pay"
"denominated: North America's West Texas Intermediate crude (WTI), North Sea Brent Crude, and the UAE Dubai Crude. The two major oil bourses are the New York Mercantile Exchange (NYMEX) in New York City, and the IntercontinentalExchange (ICE) in London and Atlanta. As the Oil Bourse in Kish is developed through successive stages, the plan is to establish a Petrobourse as a fourth oil market, denominated by the Iranian rial, the euro and other major currencies. Iran sits on some of the largest oil and gas reserves in the world. The bourse will offer 40 kinds of oil products. Iran produces"
"a high-grade crude. The OPEC basket is slightly heavier and more sour than Brent. As a result of these gravity and sulfur differences, before 2011 WTI typically traded at a dollar or two premium to Brent and another dollar or two premium to the OPEC basket. Since 2011, WTI has traded at a lower prices than Brent. Brent Crude is a mix of crude oil from 15 different oil fields in the North Sea. It is the benchmark used primarily in Europe though it is also mixed in with the OPEC reference basket which is used around the world. Dubai"
"in the Midwest and Gulf Coast regions. WTI has an API gravity of around 39.6 (specific gravity approx. 0.827) per barrel (159 liters) of either WTI/light crude as traded on the New York Mercantile Exchange (NYMEX) for delivery at Cushing, Oklahoma. Cushing, Oklahoma, a major oil supply hub connecting oil suppliers to the Gulf Coast, has become the most significant trading hub for crude oil in North America. In Europe and some other parts of the world, the oil price benchmark is Brent as traded on the Intercontinental Exchange (ICE, into which the International Petroleum Exchange has been incorporated) for"
"Europe and Asia, high gas mileage, a strong dollar, higher U.S. production and no action by OPEC have been credited. By 12 December 2014, the price of benchmark crude oil, both Brent and WTI reached their lowest prices since 2009. Brent crude oil and accordingly to all type of Crude Oil dropped to US$62.75 a barrel for January delivery on the London-based ICE Futures Europe exchange and futures for West Texas Intermediate (WTI) for January settlement slid to $58.80 a barrel in electronic trading on the New York Mercantile Exchange (NYME). This represents a 40 percent decrease in 2014. The"
"February 17, with cold weather in Europe and higher Third World demand, and West Texas Intermediate crude was up 19 percent to $103.24. The average price of gas was $3.53. On February 29, the average was $3.73. The average peaked at $3.94 early in April, and on April 24, it was $3.85 compared to $3.86 a year earlier; it had been two years since gas prices were lower than the previous year. Crude oil prices were down; West Texas Intermediate was $103.55 a barrel, down from over $107 late in March, and Brent Crude $118.16 after peaking above $128 in"
"oil remains high in the United States, Canada and in Organization of the Petroleum Exporting Countries, the oil market collapsed into a bear market. While the decision by OPEC to ""hold their production steady at 30 million bpd"" contributed to the continued price decline of oil, there was a rebound in oil futures on 1 December 2014. The price of West Texas Intermediate (WTI), the benchmark for North American crude dropped to $US68.93 and to the decline in the price of Western Canadian Select, which is the benchmark for emerging heavy, high TAN (acidic) crudes to US$51.93. By early December"
"on May 2, the highest since September 2008, before closing at $97.18 on May 6, a day after dropping 9 percent, the most dramatic single-day drop in over two years. Gas prices fell slightly on May 6, and experts predicted $3.50 a gallon by summer. In mid-June, West Texas Intermediate crude for July delivery fell nearly $2 to $93.01, the lowest price since February. The dollar was up and the euro and other currencies down, and the European economic crisis made investors concerned. London Brent crude fell 81 cents to $113.21. On June 15 the Energy Information Association said oil"
"and subsequently abolished in 2006. Leaded fuel was abolished in 1996. In the UK the most common gasoline grade (and lowest octane generally available) is 'Premium' 95 RON unleaded. 'Super' is widely available at 97 RON (for example ""Shell V-Power"", ""BP Ultimate""). Leaded fuel is no longer available. In the United States all motor vehicle gasoline is unleaded and is available in several grades with different octane rating; 87 (Regular), 89 (Mid-Grade), and 93 (Premium) are typical grades. The maximum octane rating in California is generally 91. At high altitudes in the Mountain States and the Black Hills of South"
"Shale band In the economics of petroleum extraction, the term shale band refers to the range of global oil prices that can support current levels of United States shale oil extraction via hydraulic fracturing techniques. The term was defined on May 8, 2015 by Olivier Jakob, the director of Petromatrix, a Swiss-based consultancy company that publishes a daily note on the oil markets. Petromatrix described the shale band as a price range between $45 and $65 per barrel for West Texas Intermediate (WTI) crude oil. Below $45 per barrel, production of US shale oil would fall sharply, and above $65"
"crude was $99.22, the first time below $100 since July. Higher supplies and fewer threats from the Middle East were the reasons. Brent crude was $109.64 and gas reached $3.35. On November 13, Brent crude reached $107.12 and was $13.24 higher than West Texas Intermediate, the largest difference since April, due to trouble in Libya and sanctions against Iran. On November 25, Benchmark crude decreased to $93.92 while Brent crude reached $110.41 after the agreement regarding Iran's nuclear program. On December 16, Benchmark crude rose to $97.44 and Brent crude reached $110.53 with good economic news from Europe and more"
"American oil (known as the WTI) and the European price (known as Brent). That spread has averaged about $6 for 2015. During 2013 when the Pipestil 12 unit was upgraded to handle the heavier Canadian crude oil, the WTI-Brent spread increased to over $20. As of August 2015 the Cushing oil hub is at 80% of its 71 million barrel capacity, rising at the rate of about 1 million barrels a week. In 2001 as part of EPA's Petroleum Refinery Initiative BP consented to reduce emissions at all of its refineries. According to an internal fact sheet from BP, ""[f]rom"
"Price of oil The price of oil, or the oil price, (generally) refers to the spot price of a barrel of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent ICE, Dubai Crude, OPEC Reference Basket, Tapis Crude, Bonny Light, Urals oil, Isthmus and Western Canadian Select (WCS). There is a differential in the price of a barrel of oil based on its grade—determined by factors such as its specific gravity or API and its sulphur content—and its location—for example, its proximity to tidewater and/or refineries. Heavier, sour crude oils"
"these two metals constitute only 11% of total turnover on the LME. Energy markets exhibit a similar degree of market concentration with the benchmark West Texas Intermediate (WTI) crude oil contract representing 37% of total energy futures turnover on NYMEX in 2006. Deutsche Bank Liquid Commodity Index The Deutsche Bank Liquid Commodity Index (DBLCI) was launched in February 2003. It tracks the performance of six commodities in the energy, precious metals, industrial metals and grain sectors. The DBLCI has constant weightings for each of the six commodities and the index is rebalanced annually in the first week of November. Consequently,"
"crude oil in all applications. It may contain higher concentrations of olefins, oxygen, and nitrogen than conventional crude oil. Some shale oils may have higher sulfur or arsenic content. By comparison with West Texas Intermediate, the benchmark standard for crude oil in the futures-contract market, the Green River shale oil sulfur content ranges from near 0% to 4.9% (in average 0.76%), where West Texas Intermediate's sulfur content has a maximum of 0.42%. The sulfur content in shale oil from Jordan's oil shales may rise even up to 9.5%. The arsenic content, for example, becomes an issue for Green River formation"
"booms and busts as the price of crude oil has fluctuated. The Permian Basin is the source of the New York Mercantile Exchange's benchmark West Texas Intermediate Crude. Traditionally, the core cities of Midland and Odessa have played very distinct roles in the petroleum industry. Midland is home to most of the corporate offices and has a predominantly white-collar population. Odessa by contrast is home to mostly blue-collar workers and industrial facilities. In 2003 Family Dollar constructed its seventh distribution center, in its industrial complex, since then Telvista, an incoming call center, and Coca-Cola Enterprises have relocated to this complex"
"unconventional bitumen crude oils. Western Canadian Select is a heavy crude oil with an API gravity level of between 19 and 22 (API), 20.5° (Natural Gas and Petroleum Products 2009). Western Canadian Select's characteristics are described as follows: Gravity, Density (kg/m3) 930.1, MCR (Wt%) 9.6, Sulphur (Wt%) 2.8-3.5%, TAN (Total Acid number) of (Mg KOH/g) 0.93. Refiners in North America consider a crude with a TAN value greater than 1.0 as ""high-TAN"". A refinery must be retrofitted in order to handle high TAN crudes. Thus, a high TAN crude is limited in terms of the refineries in North America that"